Lucara Diamond Corp forecasts diamond sales of 400,000 to 420,000 carats in 2025, generating revenues between $195 million and $225 million.
This outlook reflects steady progress at the company’s Karowe mine in Botswana, a world-class operation achieving significant milestones in 2023.
CEO William Lamb highlighted these achievements in a December 4 operational guidance update, noting that production targets were surpassed.
“Our strategic focus on the underground mining project has shown remarkable progress, with shaft depths reaching new records.
Innovative extraction technologies continue to affirm the resource’s quality, evidenced by recovering two exceptional diamonds over 1,000 carats, including a 2,488-carat and a 1,094-carat gem,” he stated.
2025 Operational Highlights
- Diamond Recovery: 360,000 to 400,000 carats are projected, primarily from high-value kimberlite within the South Lobe.
- Mining and Processing: Ore mined is estimated at 1.6–2 million tonnes, with ore processing between 2.6–2.9 million tonnes. Up to 200,000 tonnes of waste material will also be mined.
- Cost Management: Total cash operating costs are projected at $28.50 to $31 per tonne processed.
Capital Investments
Lucara plans up to $115 million in capital expenditure and $13 million in sustaining capital costs for 2025. Sustaining initiatives will focus on:
- Refurbishing and replacing key asset components.
- Expanding the tailings storage facility.
- Undertaking pit steepening activities to continue extracting South Lobe material.
The South Lobe, though lower in grade than other deposits, features a higher concentration of diamonds exceeding 10.8 carats, known as “specials.” Approximately 79% of carats recovered in 2025 are expected to come from mixed and pyroclastic kimberlite units within the South Lobe. The company will also sell diamonds from its existing inventory.
Significant advancements were made on the Karowe Underground Project, which is expected to extend the mine’s life beyond 2040. Achievements in 2023 include:
- Shaft sinking and lateral development, with the ventilation shaft ahead of schedule.
- Preparations for 2025, including completing shaft sinking, production shaft equipment installation, and finalizing contracts for underground equipment.
Full-scale underground production is scheduled for the first half of 2028, ensuring steady mill feed until 2027 through a combination of stockpiled material and high-grade underground ore.
Lucara Diamond Corp remains well-positioned to sustain its leadership in diamond mining, with its Karowe mine continuing to deliver exceptional results and strengthen its long-term outlook.
